Shares of CNet Networks Inc. rose Thursday on news that CBS Corp. would pay about $1.75 billion for the online technology news and entertainment company.
The stock surged 43.4 percent to $11.40 in regular trading after posting the sharpest gain and heaviest trading volume in the premarket session. CBS shares slipped 62 cents, or 2.5 percent, to $24.19.
Shares of Sina Corp. spiked after the Internet portal operator said its first-quarter profit surged on higher ad revenue and after a Citi Investment Research analyst upgraded his rating to "Buy" from "Hold." The stock gained $3, or 5.6 percent, to $56.15 in the regular session and was the second-most-active stock in premarket trading.
Department store retailer J.C. Penney, another premarket standout, said a pullback in consumer spending cut its first-quarter profit in half, and predicted "difficult" conditions for the remainder of the year. But the results beat analysts' expectations, and shares rose $1.37, or 3.1 percent, to $45.62 in the afternoon.
(This version CORRECTS the description of Sina Corp. to Internet portal operator and updates throughout.)
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